RSS Facebook Twitter LinkedIn

Featured Advisor

Asset Preservation Advisors


State: GA

APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

Click to see the full profile

Share |

Affluent and Advisors: What Advice Will They Seek in the Future?

What personal finance issues top Affluent households’ to-do list when it comes to seeking professional advice? 

| BY Donald Liebenson


A majority of Affluent households consult a financial advisor in some capacity, whether it is for specific advice regarding asset allocation or a life event such as saving for retirement, or to make all of the financial and investment decisions.

The latest in Spectrem Group’s quarterly Wealth Market Reports examines Advisor Relationships and Changing Advice Requirements, the expectations investors have of their advisory relationship and the new types of information and planning they are seeking,

The trio of  reports study three wealth segments. The non-Millionaire edition of this report surveys investors with a net worth of at least $100,000 (not including primary residence. (To preview this report, click here). The Millionaire edition is based on proprietary research based on responses from households with a net worth between $1 million and $5 million NIPR. (To preview this report, click here). The Ultra High Net Worth edition comprises responses from households with a net worth between $5 million and $25 million NIPR. (To preview this report and view an infographic, click here)

What personal finance issues are the most urgent on these Affluent households’ future to-do list when it comes to seeking professional advice? The highest percentage of non-Millionaire investors (at least three-in-ten) plan on consulting an advisor about establishing an estate plan and long-term care planning. Almost one-fourth (22 percent) indicate they plan to seek advice from their advisor about implementing tax-advantaged financial strategies. Seventeen percent plans to seek advice about creating a written financial plan.

Roughly one-fourth of surveyed Millionaire households indicate they are most likely to seek advice about establishing an estate plan, long-term care planning and establishing retirement income streams. Also on Millionaire investors’ future to-do lists are implementing tax-advantaged strategies (16 percent), conducting an insurance audit to determine adequate or affordable coverage and creating a written financial plan (11 percent).

UHNW investors, who tend to be more advisor assisted and dependent than their less-wealthy counterparts, pretty much have these and other issues covered. To a lesser extent, they too, though, are most likely to indicate they will seek advice about long-term care planning (14 percent), establishing an estate plan (11 percent) and implementing tax-advantaged financial strategies (10 percent).



About the Author

Donald Liebenson

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.